insurance policy
Definition
Formal contract-document issued by an insurance company to an insured. It (1) puts an indemnity cover into effect, (2) serves as a legal evidence of the insurance agreement, (3) sets out the exact terms on which the indemnity cover has been provided, and (4) states associated information such as the (a) specific risks and perils covered, (b) duration of coverage, (c) amount of premium, (d) mode of premium payment, and (e) deductibles, if any.
insurance policy is in the Corporate, Commercial, & General Law and General, Marine, & Life Insurance subjects.
insurance policy appears in the definitions of the following terms:
appurtenant structures insurance,
effective date,
additional insured,
interest insured,
acknowledgement,
non-depository financial institution,
plain language law,
credit risk insurance,
assigned-risk insurance,
hazard
and
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